Crypto: The memecoin PEPE achieves a new all-time high Crypto analysis of May 14, 2024

PEPE has seen a performance increase of over 85% since the beginning of May. Let’s examine the future outlook for PEPE together.

PEPE Price Situation

After experiencing a surge of 1000% from an initial price of $0.000001, the PEPE price reached a precise peak at $0.00001079. It was at this level that the meme coin encountered strong selling pressure, causing it to fall below $0.000005. Although this drop may be concerning, a resurgence of buyer interest was observed at that level. Fortunately for PEPE, buyer support allowed it to resume its uptrend before reaching a new ATH beyond $0.000011.

At the time of writing this article, a PEPE token is quoted at $0.00001070. It seems that the meme coin has slightly decreased in value. However, this decline does not seem to concern investors, as the price is already recovering value. Currently, PEPE is situated above a support zone valued around $0.000007. It is also above its 50-day moving average, confirming that the cryptocurrency is maintaining a healthy uptrend. Regarding oscillators, they indicate a dynamic rebound, supporting the current market structure.

The current technical analysis was conducted in collaboration with Elie FT, an investor and trader passionate about the cryptocurrency market. He is now a coach at Family Trading, a community of thousands of proprietary traders active since 2017. It offers live sessions, educational content, and peer support around financial markets in a professional and friendly atmosphere.

Focus on Derivatives (PEPEUSDT)

The open interest in PEPEUSDT contracts has evolved alongside the price trend, reflecting a growing interest from buyers in this cryptocurrency. Regarding liquidations, they are not significant, although seller position liquidations have been observed during the recent bullish fluctuations of PEPE. As for the funding rate, the perpetual contracts for PEPEUSDT seem to be well aligned with their underlying asset, showing relative stability. This could also be interpreted as a sign of confidence in the short-term continuation of the current trend.

The three-month liquidation heatmap for PEPE/USDT shows that the liquidation area around $0.0000093 has been breached. This area appears to be currently defended, demonstrating persistent buyer interest. Now, the most significant and nearest liquidation zone to the current price is around $0.0000087. The price’s approach to this level could trigger a massive order release, thus increasing the risk of a period of increased volatility for PEPE. Therefore, this zone is a crucial point of interest for investors.

Hypotheses for PEPE’s Price

• As long as the PEPE price maintains above $0.000008, we can anticipate a return to its all-time high of $0.000011. The next resistance to consider, if the bullish movement continues, could be challenging to identify. Nevertheless, the Fibonacci extensions suggest a potential continuation of the movement up to $0.000015. At that stage, it would represent an increase of more than +40%.

• If the PEPE price fails to maintain above $0.000008, a reversion to around $0.000007 might be envisioned. The next level of support to consider, if the bearish movement persists, would be at $0.000005. At that stage, it would signify a drop close to -54%.

Conclusion

The meme coin PEPE has demonstrated remarkable resilience in the cryptocurrency market. Despite a dip following an initial strong surge, it quickly regained buyer support, reaching new heights. Currently, it maintains a solid position above significant support levels and continues to follow a healthy uptrend, supported by positive technical indicators. This suggests a continued growth potential for PEPE. However, it will be crucial to closely observe the price reaction at different key levels to confirm or invalidate the current hypotheses. It is also important to remain vigilant against potential market ‘fake outs’ and ‘squeezes’ in each scenario. Finally, remember that these analyses are based solely on technical criteria and that the prices of cryptocurrencies can also move rapidly due to other, more fundamental factors.